Optimistic days

Outlook 11/17: U.S. stock futures climb as market heads for third straight weekly gain. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the worst of inflation, as well as the Federal Reserve’s tough stance on rate policy, may be in the rear view mirror. The question is whether traders will be able to maintain that optimism for the remainder of the month. President Biden has signed a short-term government funding bill passed by Congress, avoiding a federal shutdown and pushing the debate over the federal budget into next year. The bill maintains government spending at current levels for two more months, giving lawmakers time to negotiate appropriations bills for the rest of the fiscal year. 

/ESZ23 (Dec 2023): YVAH 4521 YPOC 4516 YVAL 4509 GAP 4523.25

/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above previous value, so these're the opening and initial balance options for today:

A) If market moves above YHOD 4530 with bullish internals, buy towards ONH 4539.50 HVE 4550 and GAP 4559.

B) If market moves below YHOD 4530 with bearish internals, sell towards ONL-GAP 4523 YVAH 4521 and YVAL 4509.

Note: Market opens above value and it begins to trade within value, Value Area Rule (VAR) comes into play. It's Friday and traders who have made losses that week will likely take large risks to try and end the week with a profit. Try to be calm and focus on the market rather than thinking about your account.

Market Movers

9:30 Fed's Daly's Speech

9:45 Fed's Goolsbee: U.S. Economy

10:00 E-Commerce Retail Sales

10:00 Quarterly Services Report

10:15 Fed's Collins' Speech

1:00 PM Baker Hughes Rig Count 

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